CMFG Ventures backs DataVisor
CMFG Ventures , the venture capital arm of CUNA Mutual Group, has announced a strategic investment in DataVisor , an online fraud detection and risk management for financial services and e-commerce, as they expand their services into the credit union market.
Founded in 2013, DataVisor provides a fraud platform with real-time prevention and detection that can save credit unions time and money.
“With increased adoption of real-time transactions, the necessity to respond to fraud threats with speed, agility, and better technology is imperative for credit unions to minimize fraud losses and deliver impeccable service to their members. We want to help credit unions deploy a modern fraud solution that delivers high return on investment and quickly detects and combats sophisticated fraudsters in a more cost-effective way.” – Yinglian Xie, CEO of DataVisor.
CMFG Ventures sees the investment in DataVisor as a way to help more credit unions mature their fraud prevention strategies.
“The shift toward digitization and real-time payments has amplified the need for credit unions to prioritize fraud solutions that are proactive and real-time. This is evidenced by the National Credit Union Administration making fraud prevention and detection one of its supervisory priorities in 2023. We’re thrilled to invest in DataVisor, which offers innovative and leading technology that can help our credit union partners stay ahead of emerging threats.” – Mike Kraus, principal at CMFG Ventures.